Persistent Systems Limited — Interim / Quarterly Report 2018

Oct 21, 2018

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NSE & BSE / 2018-19 / 65

PERSISTENT

October 21, 2018

The Manager, Corporate Services, National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai 400051

The Manager, Corporate Services, BSE Limited 14[th ] Floor, P J Towers, Dalal Street, Mumbai 400001

Ref: Symbol: PERSISTENT

Ref: Scrip Code: 533179

Dear Sir/ Madam,

Sub: Proceedings of the Meeting of the Board of Directors

We wish to inform you that the Board of Directors, at its meeting held on October 20, 2018 and concluded at 1515 HRS (1ST) on October 21, 2018, has taken the following decisions:

Pursuant to Regulation 33 and all other applicable regulations, if any of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Audited Financial Results for the quarter and half year ended September 30, 2018 have been approved. Accordingly, we enclose the following documents:

1. Auditors' Report dated October 21, 2018 on the Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2018;

2. Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2018;

3. Auditors' Report dated October 21, 2018 on the Unconsolidated Financial Results of the Company for the quarter and half year ended September 30, 2018;

4. Unconsolidated Financial Results of the Company for the quarter and half year ended September 30, 2018

Please acknowledge the receipt.

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Thanking you,
Yours faithfully,
For Persistent S stems Limited
Ami
Encl: As above
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Page 1 ofl

Persistent Systems Limited, Bhageerath, 402, Senapati Ba pat Road, Pune 411016 \ Tel: +91 (20) 670 30000 Persistent Systems Inc., 2055, Laurelwood Rd, Suite 210, Santa Clara, CA 95054, USA \ Tel: +1 (408) 216 7010 CIN - L72300PN1990PLC056696 \ Fax - +91 (20) 6703 0009 \ e-mail - info@persistent.com I Website -www.persistent.com

PERSISTENT

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Persistent Systems Limited

Regd. Office : Bhageerath, 402, Senapati Bapat Road, Pune 411016, India Ph. No. +91(20)67030000; Fax +91(20)67030009; Email : info@persistent.com,'www.persistent.com'. CIN L72300PN1990PLC056696

Audited consolidated financial results of Persistent Systems Limited for the quarter and half year ended September 30, 2018

Audited consolidated statement of assets and liabilities

			, fin Million	, fin Million	, fin Million	, fin Million	, fin Million
Sr. No.	Pariculars		Quar ended S. 30, 2018 June 30, 2018 S;. 30, 2017 (Audil) (Audi) (Adited)			HaW year ended Year ended Ma 31, 2018 S. 30, 2018 Sept30, 2017 (Adi) (Audl:ed) (Audil)
1 2 Revenue from operations (net) Other income 3 Total Income 4 Expenses - Employee benefits expense - Costofprofessionals - Finance costs - Depreciation and amorization expense - Other expenses Total Expenses 5 Proft befre exceptional items and tax 6 Exceptional items 7 Proft before tax 8 Tax expense - CUrrent tax - Tax credit in respect of earlier years - D tax charge/ (credit) Total tax expense 9 Proft fr the period / year from continuing operations 10 Profit / (Loss) fr the period / year from discontinued operations 11 Tax expense of discontinued operations 12 P / (Loss) fr the perio / yer frm c ue oprations (Ar tx 13 Proft fr the period / year 14 Other comprehensive Income A. Items that will not be redassifed to p and loss - Remeasurements of the defined benefit liabilities / ( asset) B. Items that may be reclassifed to profit and loss - Effective portion of cash flow hedge - Exchange diffrences In translating the financial statements of freign operations Total other comprehensive income fr the period / year 15 Total comprehensive income fr the period / year (Comprising Proft (Loss) and Other Comprehensive Income for the period / year) 16 Paid-up equity share capital (Fce value of share� 10 each) 17 Reseres excluding revaluation reserves 18 Earnings per equity share (fr continuing operations) in� - Basic - Diluted 19 Earnings per equity share (fr discontinued operations) in" - Basic - Diluted 20 Earnings per equity share (fr discontinued and continuing operations) in� - Basic - Diluted 21 Dividend per share (In � Interim dividend Final dividend Total dividend		(1+2) (3-4) (5-6) (7-8) (10-11) (9+12) (A+8) (13+14)	8,355.57 232.21 8,587.78	8,342.81 186.75 8,529.56	7,612.52 336.34 7,948.86	16,698.38 418.96 17,117.34	14,892.67 30,337.03 704.25 1,191.01 15,596.92 31,528.04
			4,862.36 877.05 1.07 398.58 1,179.93 7,318.99	4,618.37 844.68 0.28 400.81 1,479.17 7,343.31	4,668.13 809.27 0.16 379.44 977.30 6,834.30	9,480.73 1,721.73 1.35 799.39 2,659.10 14,662.30	9,044.63 1,538.40 0.33 771.35 2,108.25 13,462.96 18,316.46 3,180.63 0.79 1,584.87 4,152.68 27,235.43
			1,268.79 -- 1,268.79 422.37 2.90 (37.89)	1,186.25 -- 1,186.25 356.05 -- (43.28)	1,114.56 -- 1,114.56 350.67 0.01 (62.35)	2,455.04 -- 2,455,04 778.42 2.90 (81.17)	2,133.96 -- 2,133.96 628.56 (12.24) (59.48) 4,292.61-- 4,292.61 1,203.99 (71.19) (71.07)
			387.38 881.41	312.77 873.48	288.33 826.23	700.15 1,754.89	556.84 1,577.12 1,061.73 3,230.88
			- --	- --	-- --	-- --	-- -- - --
			~~--~~	~~--~~	~~--~~	~~-~~	~~-~~ ~~--~~
			881.41 (12.79)	873.48 (13.05)	826.23 14.21	1,754.89 (25.84)	1,577.12 56.74 3,230.88 106.88
			(12.79) (139.16) 185.91	(13.05) (159.13) 151.80	14.21 (92.32) 50.42	(25.84) (298.29) 337.71	56.74 (159.10) 72.09 106.88 (191.81) 77.70
			46.75 33.96	(7.33) (20.38)	(41.90) (27.69)	39.42 13.58	(87.01) (30.27) (114.11) (7.23)
			915.37 800.00 11.02 11.02 -- -- 11.02 11.02 - -- --	853.10 800.00 10.92 10.92 -- -- 10.92 10.92 -- -- --	798.54 800.00 10.33 10.33 -- -- 10.33 10.33 -- -- --	1,768.47 800.00 21.94 21.94 -- -- 21.94 21.94 -- -- ..	1,546.85 800.00 19.71 19.71 -- -- 19.71 19.71 -- -- -- 3,223.65 800.00 20,471.99 40.39 40.39 -- -- 40.39 40.39 7 3 10

Audited consolidated statement of assets and	liabilities	liabilities
	tin Million
Pariculars	Aat Sept30, 2018 (Audite) Aat Spt. 30, 2017 (A[ed)	Aat Marth 31, 2018 (Audited)
ASSETS Non-current asset Property, Plant and Equipment capital work-In-progress Goodwill Other Intangible assets Intangible assets under development Financial assets - Investments - Loans - Other non-current flnandal assets Deferred tax assets (net) Other non-current asset Total non-current a current assets Financial asset - Investments - Trde receivables (net) - cash and cash equivalents - Other bank balances - Loans - Other current financial assets current tax assets (net) Other current assets Total current assets TOTAL ASSETS EQUITY AND LIABILmES Equit Equity share capital Other equity Total Equity Liabilities Non - current liabilities Financial liabilities - Borrowings Provisions Deferred tax llablllties (net) Total Non - current liabilities current liabilities Financial liabilities - Trde payables - Other financial liabilities Other current liabilities Provisions current tax liabilities (net) Total current liabilities TOTAL EQUITY AND LIABIUTIES	2,450.98 2,669.23 3.15 29.14 85.20 76.80 2,227.99 2,834.12 243.96 157.51 3,460.35 2,547.30 158.00 133.03 25.40 317.41 647.26 559.51 78.74 56.63 9,381.03 9,380.68 7,382.85 4,810.64 4,778.08 4,838.28 1,080.68 1,754.18 459.40 681.97 8.05 11.59 3,488.97 2,041.38 244.70 191.47 1,973.51 1,398.31	2,581.30 7.71 76.61 2,463.54 44.72 2,881.04 142.73 37.43 642.01 91.57 8,968.66 5,916.31 4,847.40 1,343.72 1,070.25 6.63 2,758.25 233.50 1,563.41
	19,416.24 15,727.82	17,739.47
	28,797.27 25,108.50	26,708.13
	800.00 800.00 22,029.11 19,457.62	800.00 20,471.99
	22,829.11 20,257.62 15.18 20.20 181.81 167.96 -- 217.40 196.99 405.56 1,917.52 1,499.03 975.14 487.06 1,257.09 908.93 1,512.13 1,354.36 109.29 195.94 5,771.17 4,445.32	21,271.99 16.55 159.75 270.41 446.71 1,673.08 396.33 1,201.02 1,599.49 119.51 4,!89.43
	28,797.27 25,108.50	26,708.13

Segment wise Rev nue, Results and Capital Employed

Audited unconsolidated financial information

, in Million

		fin Million	fin Million	fin Million	fin Million	fin Million
Sr. No.	Pariculars	Quar ended		Half year ended		Year Erded March 31, 2018 (Audite)
		Sept JO, 2018 June 30, 2018 (Auditd) (Aoited)	Sept. 30, 2017 (Adited)	Spt. 30, 2018 (Aud�ed)	Sept 30, 2017 (Auditd)
1 2 3 4 5 6 7	Segment revenue - Technology Serices - Alliance - Aclerite (Products) Total Less: Inter segment revenue Net sales/income from operations Segment results proflt (loss) befre tax, interest and depreciation and amorization - Technology Serices - Alliance - Accelerite (Products) Total Less: - Finance costs - Other un-allocable expenses Un-allocable Income Total proft befre tax	5,436.54 5,243.17 2,466.94 2,690.68 452.09 408.96	4,915.84 2,081.76 614.92	10,679.71 5,157.62 861.05	9,466.95 4,205.64 1,220.08	19,371.11 8,725.06 2,240.86
		8,355.57 8,342.81 -- - 8,355.57 8,342.81 2,034.70 1,998.56 826.50 860.37 241.80 162.27	7,612.52 -- 7,612.52 1,823.00 657.09 283.03	16,698.38 - 16,698.38 4,033.26 1,686.87 404.07	14,892.67 -- 14,892.67 3,481.20 1,356.02 537.35	30,337.03 -- 30,337.03 7,408.18 2,699.89 1,054.29
		3,103.00 3,021.20	2,763.12	6,124.20	5,374.57	11,162.36
		1.07 0.28 2,065.35 2,021.42 232.21 186.75	0.16 1,984.74 336.34	1.35 4,086.77 418.96	0.33 3,944.53 704.25	0.79 8,059.97 1,191.01
		1,268.79 1,186.25	1,114.56	2,455.04	2,133.96	4,292.61
				f 1n Million
8	Segment assets			As at Sept. 30, 2018 (Aite) Spt. 30, 2017 (AJited) Marth 31, 2018 (Adite)
	- Technology Serices - Alliance - Accelerite (Products) Total allocable segment assets Unallocable assets Total assets			3,426.75 3,641.28 1,100.09 667.79 251.24 529.21 4,778.08 4,838.28		3,675.96 740.27 431.17 4,847.40
				24,019.19 20,270.22 28,797.27 25,108.50		21,860.73 26,708.13

Pariculars	Quarter ended Half year ended Year ended
	S30,1018 June 30, 1018 S 30, 1017 Stl0,1018 S.30,1017 M JI, 1018 (Aud�) (Aud,ed) (Audie) (Ate) (Aooled) (A)
Revenue from operations (net) Proflt befre tax Profit afer tax	4,936.30 4,619.91 4,374.91 9,556.21 8,647.35 17,327.49 1,306.23 1,205.40 1,159.94 2,511.63 2,190.73 4,552.16 896.82 923.25 864.10 1,820.07 1,615.24 3,421.17
Notes for segment wise infrmation: i) Operating segments are components of an enterprise fr which discrete financial infrmation is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing perormance. The Group's chief operating decision maker is the Chairman and Managing Director.

• ii) Costs related to research and development are included under identifiable expenses for the purpose of segment reporting.

Segment wise capital employed

• Segregation of assets (other than trade receivables), llabllities, depreciation and amortization and other non-cash expenses into various reportable segments have not been presented as the assets are used Interchangeably between segments and the Group Is of the view that It Is not practical to reasonably allocate the other assets, llablllties and other non-cash expenses to Individual segments and an ad-hoc allocation will not be meaningful.

Notes:

• 1 The audited condensed consolidated financial statements for the quarter and half year ended September 30, 2018, have been taken on record by the Board of Directors at its meeting concluded on October 21, 2018 as recommended by the Audit Committee at its meeting held on October 20, 2018. The statutory auditors have expressed an unqualified audit opinion.

2 "Adoption of Ind AS 115 - Revenue from contracts with customers: Effective April 1, 2018, the Company adopted Ind AS 115 "Revenue from Contracts with Customers" using the cumulative c.atch-up transition method which is applied tooontracts that were not completed as of April 1, 2018. Accordingly, the comparatives have not been retr[ospecti] vely ad[j] usted. The effect on adoption of Ind AS 115 was insignificant on the financial statements."

• 3 Persistent Systems Inc, the wholly owned subsidiary of Persistent Systems Limited, has completed the acquisition of Herald Technologies Inc, a USA based healthcare startup on August 24, 2018. Accordingly, above results Include theflnandal performance of Herald Technologies Inc.

• 4 As of September 30, 2018, Persistent Systems Limited ['the Parent Company") had deposits of� 430.00 million with the financial institutions viz. Infrastructure Leasing & Financial Services Ltd. (IL&FS) and IL&FS Financial Services Ltd. (referred to as"IL&FS Group"). These are due for maturity from January 2019 to June 2019. In August 2018, credit rating agency-ICRA, has significantly downgraded the IL& FS Group's rating and subsequently it is noted that the Government of India and various regulators have intervened in the matter. As of September 30, 2018, there have been no defaults in payment of interest on the aforesaid deposits. Accordingly, the management of the Parent Company believes that there is no immediate need to recognize any impairment on the above deposits as of[Septem] ber 30, 2018. The Parent Company will continue to monitor the developments in this matter for the purpose of determining the financial[reportj] ng impact, if any.

• 5 Figures for the previous periods/year have been regrouped wherever necessary to conform to current period's presentation for segment disclosure.

• By order of Board of Directors of Persistent Systems Limited

Dr. Anand Deshpande

Pune

Chairman and Managing Director

October 21, 2018

"For risks and uncertainties relating to foiward-looking statements, please visit our website :- www.persistent.com"

Kiran Umrootkar Director

Chartered Accountants 706, 'B' Wing, 7'h Floor ICC Trade Tower Senapati Bapat Road Pune-411 016 Maharashtra, India

Deloitte Haskins & Sells LLP

Tel: +91 20 6624 4600 Fax: +91 20 6624 4605

lNDEPENDENT AUDITORS' REPORT ON AUDIT OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF PERSISTENT SYSTEMS LIMITED

1. We have audited the accompanying Statement of Consolidated Financial Results of PERSISTENT SYSTEMS LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its associate, for the quarter and six months ended 30 September 2018 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.

2. This Statement, which is the responsibility of the Parent's Management and approved by the Board of Directors, has been compiled from the related interim consolidated Ind AS financial statements which ha'.:. been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind A:;, 34"), prescribed under Section 133 of the Comp,:rnies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audit of such interim consolidated Ind AS financial statements.

3. j, We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement .

4. . P-.n·.audit involves performing procedures to obtain audit evidence about the amounts and the disclosures .in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Parent's preparation and fair presentr:1tion of the Statement in ordf:!r to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness vf the Parent's internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

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: lndlabulls Finance Cemre, Tower 3, 27'' - 32"' Floor, Senapatl Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India (LLP Identification No. AAB-8737)

Deloitte Haskins & Sells LLP

1. In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate financial statements of subsidiaries referred to in paragraph 5 below, the Statement:

2. (i) includes the results of the following entities:

3. Persistent Systems, Inc.

4. Persistent Systems Pte Limited

5. Persistent Systems France SAS

6. Persistent Telecom Solutions Inc.

7. Persistent Systems Malaysia Sdn. Bhd.

8. Akshat Corporation (d.b.a. RGen Solutions)

9. Aepona Holdings Limited

10. Parx Werk AG

    • Aepona Group Limited

    • Aepona Limited

    • Valista Limited

    • Persistent Systems Lanka (Private) Limited

    • Persistent Systems Mexico, S.A. de C.V.

    • Persistent Systems Israel Ltd.

    • Persistent Systems Germany GmbH

    • PARX Consulting GmbH

11. Herald Technologies Inc.

12. (ii) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016; and

13. (iii) gives a true and fair view in conformity with the aforesaid Accounting Standards and other accounting principles generally accepted in India of the consolidated net profit and total comprehensive income and other financial information of the Group for the quarter and six months ended 30 September 2018.

14. We did not audit the financial statements of 16 (sixteen) subsidiaries included in the consolidated financial results, whose financial statements reflect total assets of Rs. 916.37 Million as at 30 September 2018, total revenues of Rs. 1,327.44 Million and Rs. 2,818.85 Million respectively, total net loss after tax of Rs. 1,107.82 Million and Rs. 1,147.73 Million respectively and total comprehensive. income of Rs.- 181.88 Million and Rs. 103.23 Million respectively for the quarter and six months ended on that date, as considered in the consolidated financial results. These financial statements have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial results, in· so·far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors.

The consolidated financial results includes the Group's share of profit/(loss) after tax of Rs. Nil and total comprehensive income/(loss) of Rs. Nil for the quarter and six months ended 30 September 2018 as considered in the consolidated financial results in respect of 1 (one) associate whose financial statements have not been audited by us. These financial statements are unaudited and have been ·furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this associate is based solely on such unaudited financial statements. In our opinion and according to the information and explanations given to us by the Management, this financial statements are not material to the Group.

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Deloitte Haskins & Sells LLP

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the financial statements certified by the Management.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Place: Pune Date: 21 October 2018

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(Mem

Persistent Systems Limited

Rti)�d. Offkt•: BhaJtt'!ralh, 402. Scnarati B.ir.it R1Mtl, Pun,• 411016, India

Ph No +91(20)670'.\fXlO ; Fctx +91(2tl)670'.\tXVJ; Email: info@pt•r.;islt!nlrnm. 'www pt•rsisll'nlt·om' CIN L72"1XIPN1991.IPLC056ffJ6

Audited consolidated financial rtosulls of Persistent Systems Limited for the quarter and h.tl( ye<1r ended September 30, 2018

Audited consolidated financial rtsullsof	Audited consolidated financial rtsullsof	Peristent Systems Limited for the quarer and h.l( ye<r ended September 30, 2018
		in { Million
Sr.No.	Particulars	Quarter ended Half Year ended September 30, 2018 (Audited) 8,155 57 232.21 H.�7.76 4,8f2.1f 877 115 1 07 198 58 1.179.91 7,318.9 1,268.79 1,268.79 422.17 2.91 (17,K9) 387.38 881.41 June 30, 2018 (Audited) H,'12,81 1R6,75 8,529.% 4,618.. ,7 844A 0.28 -(Xl81 1.479.17 7,33.31 1;186.2 1,186.2 156.05 (41.28) n2.7 873.48 Septeaber JO, 2017 (Audited) 7,61252 3'\6.'\4 7,948.86 4,ff,11 809.27 0,16 1744 97..'ll 6,83.30 1,114.56 1,114.56 '15067 OJll (62.'15) 288.33 826.2 Septlmber 30, 2018 (Audited) 16,698.18 418% 17,117.34 9,48071 1,721 71 115 7'.W 2.659.10 14,6230 2,455.0 2,455.0 778-42 291 (Xl.17) 7(U5 1,75489 September 30, 2017 (Audited) 14,892 67 7,2 15,59.92 9,1»4.61 1,51H.40 OJ' 71.'15 2.108.2 13,462.96 2,133.9 2,133.9 628.Sf (12.24) (59.8) 55684 1r�?7.1: Year ended March n, 2018 (Audited) 3(},''7 0' 1.191.01 n,2.D 18,116 46 1,lH<l 61 1179 1.5K.87 4.152hK 27,235.43 4,29261 4,292.61 1,2111W (71.19) (71Jl7) 1,o.1.1.1 3,230.88
Rt•vrnut) from opt•ralions (m•L) OLher inrmc Total income Explnses - Employl'e ht•nl'fits t'XJl('O!l' - Cnsl of rrf<-ssionals - Finan1t> rslc - D1ipn�:ic1lion cnJ amorli;.atinn l'Xpt•nst• - Otht•r t•x Jl(·ns,� Total Expenses 5 Profit befre exceptional items .nd t.n f Exniptiomil il1>ms 7 Profit before ti J Tn expense - Curn•nt tax - Tilx (n1,lil)/l'haritc in rPspt�l of t'clrli1:r ycdr; - Ot•f<-rrf'd tax char1ic / (rrcdil) Total tax expense Profit (or the period/ year from continuing operations 10 Profit/ (Loss) for the period/ year fm discontinued operations 11 Tax expense of discontinued operations 12 Profil / (Loss) for the perod/ year (rom discontinued oplrations (After tu) n Profit for the period/ year 1-! Other compnhensive incomt A. Items that wilt not be re**- Rt>m1•asurcm�nlc of Lht• dt•fned h-rwfitJidhiliLK's / (ilSS'l) B. Items that may be reclassifitd to prfit and loss . Efft'liVl' portion of rsh now hf'dHt' - Exrhangt• diffen•nn•s in tran!lalinr th,� finandal slcJlt)mmlc of fon•ign npl'r,Hinns Totdl other comprehensive income for the period/ year 15 Total comprehensive income for the period/ year (Comprsing Profit (Loss) .nd Other Comprehensive Income for the period/ year) 16 Paid-up r•quity shan• t'ilpilal (Fc1n• valu1• of shan• { 10 1•arh) 17 R�·rv1•s exdudin11, revaluation rt�rves 18 E.mings per equity share (for conlinuin� opertions) int - Basi, • Oilutt�d 19 Earings per equity share (for discontinued opertions) int • Basic • Dilultd 20 Earings per equity share (for discontinued and continuing operations) int - Basil' • Dilull'd 21 Dividend per share (int) lnlt'rim dividt•nd Final dividf•nd Total dividend (1+2) (J) (5) (7-8) (1011) (�12) (A+B) (13+14)
		881.41 (127) (12.79) (119.lf) 185.91 46.75 33.96 915.37 ltll,lXl 11.02 11.02 11,02 1102 873.48 (11Jl5) (13.05) (15911) 151.80 (7.33) (20.3] 853.10 HXHXl 10 92 1092 1092 1092 826.23 1421 14.21 (9232) 5042 (41.9) (27.69) 798.54 KCXUXJ 10.33 10_,1 1,754 89 (25,84) (25 84) (29829) 117.71 39.42 13.58 1,768.47 S})JO 21.94 2194 21.94 21 94 1,57.11 Sf74 56 74 (159.111) 72.09 (�1:011 (30.27) 1,54685 HXl.0 1971 1971 19.71 19.71 33.ss 1088 1088 (191 81) 77.70 (11<lll (7.2) 3,22.65 H<XL!Xl 20,471 ' 4019 4019 10

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Audlttd consolidated st.lt,m,nr of asnts and liabiliti,s

	Audlttd consolidated st.t,m,nr of asnts and liabiliti,s
		1n tM1lh11n
	1.SSES Non-curent assets Pmprrty, Pl,mt and Equipmrnl Capital work-in-prorress Goodwill Olhcr lnlanrihlr <1ssrl' lntangihlc asst•ts undrr dcvrlopmrnt - lnv,-slmPnts -Lu,ms -Other nnn1:um�nl fin,mL·ul d,._,1•L, Dl•ft•rd l<x **Olhi•r nun" um•nl d! Cls**\ **Total non-curnt assets**\ **Cur t asnts**\ **Fin,mddli!SSl?(S**\ **- lnvC'slm£'nl'i**\ **- Tradl! n•u•ivdhlt•s (ncl)**\ **· Gish cnd lash cquivall•nL,**\ **- Olhl'r h.ink halanrPs**\ **- Lo.ins**\ **• Olhl'r currenl fin,mditl MscL-**\ **Cum>nt lox assrl'i (nrl) Olhrr cu�nt asspL, Total current assets TOT AL ASSETS EQUITY AND UABILITIES Equity Equity shre ldrildl Oth1•rt'lJU1ty Total Equity Libilities Non- currnt liabiliti,s Findnd<l Iiohililil's - Borrowin1�' Provisions DlfoT'd t.Jx lichililiPs (nrt) Tot.I Non- current Iibilities Cumnt Jiabilitits Findn1 idl lichililics • Trde r r.hJls -OLht•r fnancfol H,,hilitfos Olhl'r l:um•nt li.hilitirs Provision.,; CuTnt lax lichihL1l's (m•l) Total curnt liabilities TOTAL EQUITY AND LIABILITIES Pariculars	A •• Septlmber 30, 2018 (AudU•d) 2,45098 )_15 R 2 2,227 99 W.96 ',46t},5 158,0 2 40 f172 7R74 9.'.SLJ 7,382 85 -,7 i808 l,IJK0 6K 459.40 S.05 ),488.97 244.70 1,97).1 19,416.24 28,77,27 80000 22J12Y,11 22,829.11 15,18 181,Rl 196.99 1,917 52 9i5 14 1,27119 1,512.13 10929 5,71.17 28,797.27 A•t A•t Sept,mber30, 2017 Marh 31, 2018 (Audittd) (Audited) 2,669l" 2,581 )0 29H 7 71 76 80 76 61 28)412 2,-16354 157 51 4" l547,.() 2,KKl.114 P,3.(l' 1-12,7' )1741 .'7,4: 55951 Mlcl 566) 91.57 9,80.68 8,968.66 4,KlflfI 5,916 31 4,83K 2M -l,:i-17 40 1,754 18 1,?-1'n 68197 1,117(12 11 59 ( t?, 2,041 )K 2,758 25 191 47 2."? 50 1.19K,)1 1.56 .41 15,727.82 17,7J9.47 l,1D3,>0 26,708.13 801 00 �0 19,45762 20. 471.99 20,257.62 21,271.99 20 20 1655 167% 159 75 217..fl 27041 405.56 446.71 1,499,o., 1,67 O 4R7,06 396�3 90R9) 1,201 02 t,:54,)6 1.599 49 19594 11951 4,445.2 4,989.0 25,108.50 26,708.13

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Audited unconsolidated financial information

	1ntM1lll11n	1ntM1lll11n	1ntM1lll11n	1ntM1lll11n
P•ricutus	Qu.uterended H.l!Ye•rended Yur,nd,d
	September 30, 2018 (Audit,d)	Junf JO, 2018 (Audited)	Seplfmber 30, 2017 (Audited) September 30, 2018 (Audit,d)	SertemberJO, 2017 (Auditod) Much 31, 2018 (Audited)
Rtivtmut• frum ort•mtiuns Profl l•fon� tax Profil afh•r lax	4,Y3t.:m 1.3116.23 HY6,H2	4,tl9Yl 1,20540 Y23 25	4.174.91 1,159 94 K6UO 9,55( 21 2.511.f3 1.820.117	H.647 35 2lY\l71 1,615.24 17,327.Y 4,552 16 '.-21,17

Segment wise Revenue, Results and Capital Employed

Thi• Gmur rt>urr,anisl'd il,.rlf inlu Lhn-1• husinrss units (rum April 1, 2018, whit h form Lhr oprr.1linr, srr,mrnl" for srgmrnt n•portinP, Thl' op1•r,1lin1� sPr,mPnts r1n!:

d, Tl•i:hnt1ln1w Services

h_AJlii1nl'e

I.'., An,•lt•rilr (Pmdu, l't)

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			lntMilliun
Sr.No. P.rtlculars	Quarer ended		Septembtr 30 (Audited 1 5 16 16 4 1 6 2
	Seplfmber30, 2018 (Audited) 5.41654 2,466,Y4 -5209 8,35557 R,355 57 2.034 70 R2650 241 RO 3,103.00 107 l065 35 2.l2 21 1,268.79	June 30, 2018 (Audlt,d) 5,24117 2.6Yll 6R -l(U� g, !-ll\I R,142Rl 1.Il.56 Mi037 162.27 3,021.20 0 2K 2,02142 186 75 1,186.2 September 30, 2017 (Audited) 4.91511-f 2.llRl 76 (14 t2 ,.612 7,612 52 1.823.ikl n7.ll9 2R3.0 2.763.12 0.16 1.YK4 74 l:634 1,114.56
'C!ttml•nt rl'Ycnue -Tei hnnlt1•�Y Sl•rvlt l'S - .Alli,m1I' • A, 1 t>leritc (PmdurLo;) Tot.i Ll'ss: lnll•r Sl'P,nwnl n•v1•nu11 Nrt s.le'i/mcoml' rmm oprr,llfott, Sc1�ml'nl n-su)Lo profH/ (hu;'i) hefon• Lal, inh!f\'Sl unJ JPprt'l;ulinn ,nJ t1mori1.lion • T(�hnulnr,y S..rvin•. - Alli.im:r -An 1•lcnh! (PmJurl't) Tot•l L�s: -Fincnte! lOSLs -Olhl'r un-,11!0,:.hlr t'xrc•nst'S Un-dl!O(,thle income Totol prfit bdor tax
Segment assets
			September 30, 2018 September 30, 2017 (Audited) (Audited) 3,426 75 3,641 2H 1,11)(1.119 667.' 21.24 529.21 Much 31, 2018 (Audited) 3,675 96 740.27 HU7
- Tcc:hnolnry Servi1:es -Alli,mcf • AlTelcrile (PmJudc) Tot•I aJJoc•hle segment .ssrts Tot . l. ets
			4,78.08 4.838.: 4,847.40
			2-1,019.19 21).27,22 :a,797.27 25,108.50 ll.�f,).7 26,708.13

Notes for segment wisf' information:

• i) Opcrr1linr, Sl'gml•nls r1rc rnmronenls of ,1n �nlr.rprisC' for which dis(rclr fi.nanci.il information i,; .ivailahhi lho1I is rva\u,1t1�J n�gularly liy lhl' chit•f up1•r-,1ling Jr.dsinn makt•r, in llrridinr, how lo allocr1h• n•sourrrs .inJ asS(issin1i pl'rformanl'C! 11w Group's t hirf oprraling d<!t ision makt•r is Lhl� Chamnr1n and Manar,ine Din-t tor

• ii) Cnsls rl'ldtf.d Ln resedn·h dnd dC'vrlopnlPnt .ire induded unJPr idrntifiahfo PXprn."ies fnr the! purpoSl' of S1!C,ml•nt report-in!�·

• Segment wise cc1pit.1.l employed •

Scr.Tl',�c1lion uf c1ssels (otht•r Lh,m Lrrtdl' rei.:eivc1hll's}, li,1hilitk•s, Jcprcddlion ,md r1morli1 ..ilion ,ind olhl•r non-l',1sh t!Xpl'nscs mln v,1rious n!pnrtc1h11• sep,mcnts h,we not hcl•n rn.•Sl•nlt•d ,ls !he ,1sst?L't c1n.• USl[)] d inll[1] n:hc1nJ�L',1lily ht?IWl'L'TI Sl'r,nwnls c1nd lhl' Grnup is of thP virw th.it iL is not prdctical lo n'dsuno1hly dJloc.ile Lhl' nlhrr .isc;:rl't, li.i.hiliti1•s JnJ othrr nun-(11."ih 1•xrcnsC's lo individud! scgmcnl't ,md c1n .i.d-huc ,11101.ilion will nol he TI\P,mingfol.

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Notes:

• 1 Tht• c1uJilt•J 1·onJens11J I nn,.:uliJJtcJ fin,mt ii1l sl.ilC'mrnL,; for the qu,irtrr ,mJ hi1lr y1•i1r rnJ1iJ S<optrmhPr 30, 201ft haw licen ldkrn on n•rnrJ hy lhr 811<1rtl of Din•1 t11r.; c1t IL,; m1•rlin1� 1 on1 luJr.J on Ol'lllht•r 21, 2ll1R c1s n•1·omnwnJeJ hy 1hr. Audi! Commillt'<' ,ll il'i mr.tilinri hrld on Octoher 20, 2018 Th,• stiltutorr ,mJitor.; h.ivt• t•xpn•ss<'d ,m un4u,11ifieJ audit opinion,

• 2 Ailnrlion of Ind AS 115 - Rrwnu,• from rn lr.:iclo; with ruslomrrs:

• Effrt livp April 1, 2018, thr. Company .idoplcd Ind AS 115 "Rrvrnue fmm Cnnlrc1cl"' with CuslnmC'rs" using LhC' t umulativr. til lh-up lrn sttinn mrthod whil'h is applimi to uintr,KL'> Lhal wl'n' nol 1:omplt>lt•1t ;is of April 1, 201K, A1:i.:ordingly, the t:0mpc1r,\liws Mw not hccn relrospl'Ctiwly itdjusted The effl!Cl on tHioplion of Ind AS 115 Wt\S lnsignffit:c1nl on the fin"nd,1[1 ] st.\lemenl.,;.

• '.\ Pcrsi'ihml Syslcms In(. tilt- v.·hnlly owned suhsidi,uy nf Persistent Syshims L1milL'd, hc1s n,mplcl!:d the ctnJui.-.ition nf HL'r,1ld T1!t:hnolo1iics In..:, c1 USA b.t!><!J hlMllht·d.re st,ntup 1m Aur,ust 2-', 2018. An:urdin1:ly, i1hovc n•sull,; indudc 1h1• finc1r�.:ldl pcrformc1nce n( Hcrctld TC'chnolnp,irs Inc.

• -I As n! St•plrmhrr 30, 2018, Prrsistrnl Sysl1•ms Limitrd ("the Pc1n•nl Comp,my") h,1d drpnsiL.,; nf t -130 00 million wilh lhr fin.int i.i.l institulions (l"t'for St ht•dulr 37) vi7. ln(mslrudurt• LI•.isinJ: k Fin.im it1l St•rvkC's Ltd (llkFS) ,md IL&FS Findnclal Scrvit:l'S Lid (refot"n!d lo ,1s "IL&:FS Grour") These dre due for m,1lurity (mm J,1nu.uy 2019 Lo June 2019, In August 2018, credit ralln1! c11�cm:y - ICRA, has sir,nifil:,mtly dnwni:rddl•d tht! Ilk FS Group's r,1tinp,,md .suhscqucnll)' il inl C11mp.iny hC'licws th.It thr.n? i-. no immr.Ji.:itl' nr1•J 111 l"t'1·01�nizc .iny imp<1irm1•nl nn lhr dbnvc d<'posils .is nf Scptf'mhrr '.\O, 211UI, Thl' PJ1"nl Cnmpo1nr will I nnlinur ln mnnilnr thl' JrvclnpmcnL,; in this m.illl'r fnr lht• pU'flllSt' of J1•tr.nninin1: lhl' financi,11 n?porting imp.ic-l, if any.

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"
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�--
Punr Dr. Anand Deshp•nde Kiran Umroolk•r r.fi
Ot toh,•r 21, 2018 Chainn<1n and M1ma1tin1i Din>t. lor Dim.:tur
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Chartered Accountants 706, 'B' Wing, 7'h Floor ICC Trade Tower Senapati Bapat Road Pune-411 016 Maharashtra, India

Deloitte Haskins & Sells LLP

Tel: +91 20 6624 4600 Fax: +91 20 6624 4605

INDEPENDENT AUDITORS' REPORT ON AUDIT OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF PERSISTENT SYSTEMS LIMITED

1. We have audited the accompanying Statement of Standalone Financial Results of PERSISTENT SYSTEMS LIMITED ("the Company"), for the quarter and six months ended 30 September 2018 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated 5 July 2016.

2. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been compiled from the related interim Ind AS standalone financial statements which has been prepared in accordance with the r-ecogniticn and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder ('Ind AS') and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audit of such interim standalone Ind AS financial statements.

3. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

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Regd. Office: India bulls Finance Centre, Tower 3, 27'" - 32"" Floor, Senapati Bapat Marg, Elphinstone Road (West). Mumbai - 400 013, Maharashtra, India (LLP Identification No. AAB-8737)

Deloitte Haskins & Sells LLP

1. In our opinion and to the best of our information and according to the explanations given to us, the Statement:

2. a. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated 5 July 2016; and

3. b. gives a true and fair view in conformity with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Company for the quarter and six months ended 30 September 2018.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Place: Pune

Date: 21 October 2018

(Me

Partner

Persistent Systems Limited

Regd. Office: Bhageerath, 402, Senapali Ba pat Road, Pune 411016, India Ph No +91 (20)67030000; Fax +91 (20)67030009; Email : info@persistent.com, 'www.persistent.com'. CJ N L72300PN1990PLC056696

Audited unconsolidated financial results of Persistent Systems Limited for the quarter and half year ended September 30, 2018

							(tnH1ill1on)	(tnH1ill1on)	(tnH1ill1on)	(tnH1ill1on)	(tnH1ill1on)
Sr. No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21	.	Particulars		Quarter ended June 30, 2018 (Audited)			Ha1f year ended Year ended September 30, 2017September 30, 2018 September 30, 2017 March 31, 2018 (Audited) (Audited) (Audited) (Audited) 4,374.91 9,556.21 8,647.35 17,327 49 365,50 564,21 741.5 1,276 82 4,740.41 10,120.42 9,388.80 18,604.31 2.239,02 4,579.13 4,384.9 8,740 66 566,98 1,062,92 1,159.38 2,133 03 0.16 0.27 033 0.62 134.12 231.08 286 81 537 81 640,19 1.735.9 1,367.06 2,640.03 3,580.47 7,68.79 7,198.07 14,052.15
			September 30, 2018 (Audited)
		Revenue from operations Other income Total income (1+2) Expenses -Employee benefits expense - Cosl of professionals - Finance costs -Depreciation and amortization expense -Other expenses Total Expenses Profit before exceptional ilems and tax (34) Exceptional items Profit before tax (5-6) Tax expense - Current tax -Tax (credit)/charge in respect of earlier years -Deferred tax charge/ (credit) Total fax expense Profit for the period/ year from continuing operations (7-8) Profit/ (Loss) for the period/year from discontinued operations Tax EXpense of discontinued operations Profit/ (Loss) for the period/ year from discontinued operations (After (10-11) tax) Profit for the period/ year (9+12) Other comprehensive income A. Items that will not be reclassified lo profit and loss · Remeasurements of the defined benefit liabilities/ (asset) B. Hems that may he reclassified to profit and loss · Effective portion of rnsh flow hedge Total other comprehensive income for the period/ year (A+B) Total comprehensive income for the period/ year {Comprising Profit (13+14) (Loss) and Other Comprehensive Income for the period) Paid-up equity share capital (Face value of share? 10 each) Reserves excluding revaluation reserves Earings per equity share (for continuing operations) inf - Basic -Diluted Earnings per equity share (for discontinued operations) in� - Basic • Diluted Earnings per equity share (for discontinued operations and continuing operations) in� -Basic -Diluted Dividend per share (in f) Interim dividend Final dividend Total dividend	4,936 30 369.39 5,305.69	4,619.91 194.82 4,814.73			4,374.91 365,50			8,647.35 741.5
							4,740.41			9,388.80 18,604.31 4,384.9 8,740 66 1,159.38 2,133 03 033 0.62 286 81 537 81 1,367.06 2,640.03 7,198.07 14,052.15
			2,318.34 2,260.79 556.74 506 18 0.16 0 11 113.89 117 19 1.010,33 725.06 3,999.46 3,69.33 1,306.2 1,205.40 - 1,30.23 1,205.40 405.70 340.80 . 3.71 (58 65)	2,260.79 506 18 0 11 9 117 19 3 725.06			2.239,02 566,98 0.16 134.12 640,19
				6 3,69.33			3,580.47		7,68.79
					1,205.40 1,205.40 340.80 . (58 65)		1,159.94 2,511.63			2,190.73 4,552.16
							1,159.94 2,511.63 330 73 746.50 (34 89) (54,94) 295.84 691.56 864.10 l,�20.07 . - - .			2,19.73 592-36 (16 87) 575.49	4,552,16 1,175.90 (3,99) (40,92) 1,130.99
			409.41		282.15		295.84
			896.82		923.25		864.10 - .			1,615.24	3,421.17
			~~-~~ - -
			896.82 92.25 864.10 (12.56) (12.91) 12.93 (12.56) (12.91) 12.93				864.10
											104.97 (191,81)
			(139.16) (159.13) (139.16) -159,13				(92 32)
							(92.32) (298.29) (159.10) (191.81) (79.39) (323.761 (99.01) (86.84) 784.71 1,496.31 1,516.23 3,334.33 800 00 800 00 800.00 800,00 19,7320 10.80 22.75 20.19 42.6 1080 22.75 20 19 42.76 - - 10.80 22.75 20.19 42,76 10.80 22.5 20.19 42.76 - 7 3 - 10
			(151.72)		(172.04)						(86.84) 3,334.33 800,00 19,7320 42.6 42.76 - 42,76 42.76 7 3
			745.10 75 800 00 80 11,21 1 11.21 1 - 11.21 1 11,21 1 - -			1.21 0 00 1.54 1,54 - 1.54 1.54
						~~-~~					10

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Audited slal,ment of assets and liabilities

	Audited slal,ment of assets and liabilities	Audited slal,ment of assets and liabilities
	P,nticu1ars ASSETS Non-current assets Property, Plant and Equipment Capital work-in-progress Other Intangible assets Intangible assels under development Financial assets - Investments - Loans -Other non-current financi, .ssets Deferred tax assets (net) Other non-currenl assets Total non-curent •ssets Current assets Fincncial assets - Investments - Trade receivables - Cash and cash equivt ents - Other hank balances - Loans - Other currenl financial assets Other current assels Total curent assets TOTAL ASSETS EQUIT AND LIABILITIES Equity Equity share capit.al Other equity Total Equity liabilities Non- current liabilities Financial liabilities - Borrowings Provisions Deferred tcx Jiclbilities (net) Total Non- current liabilities Curent liabilities Financial liabilities - Trade payables - Other fmancial liabilities Other current liabilities Provisions Current tax lii\bilities(net) Total current liahilities TOTAL EQUITY AND LIABILITIES	P,nticu1ars	_A_on September 31, 2018(Audited)	As on Seplemb,r 31, 2017 (Audited)		As on March 31, 2018 (Audited)
		ent assets rty, Plant and Equipment al work-in-progress Intangible assets gible assels under development cial assets nvestments Loans ther non-current financi, .ssets red tax assets (net) non-currenl assets -curent •ssets ssets ncncial assets - Investments - Trade receivables - Cash and cash equivt ents - Other hank balances - Loans - Other currenl financial assets current assels ent assets SSETS AND LIABILITIES	2,198,64 2,383 36 2,323 88 3.07 14,15 7.32 116.06 161.25 117 48 25.12 0,67 7.44 5,931.17 5,15785 5,50 85 830.60 1,094.61 945.81 25.0 317.41 37 43 246 71 31 68 78.74 5410 64 0 9,455.51 9,183.40 9,039.89
					9,039.89
			7,382 85 3,052 74 26590 284.60 5 96 2,903.2 1.656.64	4,810 6 4.261.6 46555 6744 3.8 990.4 1.264.3	4 5,916 31 8 3,425 07 305 27 7 876.62 7 4 47 6 1,847 70 4 1,374 62
			15,551.92	12,471.0 21,654.4	1	13,750.06
			25,007.43		1	22,789.95
			8000 80. 20,968.17 18,5753		80 1 19,732 04
			21,768.17 1518 135.73 . 150.91 1,165.65 66725 714 07 471 29 7009	19,375.3 20.2 145.7 9 6 175.6 867 2 2721 449.0 421.6 **93.3 **	1 20,532.04 0 16.55 5 143,37 9 4 159.92 2 716.73 7 29,86 7 562.83 1 428.03 9 9.54
			3,088.35	2,103.4	6 2,097.99
			2,007.43	21,654.4	1 22,789.95

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Notes:

• 1 The audited condensed financial statements for the quarter and half ye,:ir ended September 30, 2018, have been taken on record by the Board of Directors at its meeting concluded on October 21, 2018 as recommended by the Audit Committee at its meeting held on October 20, 2018 The statutory auditors have expressed an unqualified audit op,mon.

• 2 Adoption of Ind AS 115 • Revenue from contrc1cts with customers:

• Effective April 1, 2018, the Company adopted Ind AS 115 "Revenue from Contrc1cts with Customers" using the cumulative cc1tch·up transition method which Is -'pplied to contracts that were not completed c1s of April 1, 2018 Accordingly, lhe comparatives have not been retrospectively adjusted The effect on i1doption of Ind AS 115 was insignificant on the financial statements.

• 3 As of Sepleml)er 30, 2018, the Company had deposits oft 430.00 million with the financial institutions (refer Schedule 16) viz Infrastructure Leasing & Financial Services Ltd (IL&FS) and JL&FS Financial Services Ltd. (referred to as nll.&:FS Group"). These are due for maturity from January 2019 to June 2019. In August 2018, credit rating agency - ICRA, has significantly downgraded the IL& FS Group's rc1ting and subsequently it is noted lhctl the Government of India and v,arious regulators have intervened in the matter. As of September 30, 2018, there have been no defaults in payment of interest on the aforesaid deposits Accordingly, the management of the Company believes that !here Is no immediate need to recognize any impairment on the above deposits as of September 30, 2018. The Company will continue lo monitor the developments in this matter for the purpose of determining the finc1ncial reporting impact, 1f any

Pune

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By order of Board of Directors of Persistent Systems Limited
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Dr. Anand Deshpande Kiran Umrootkar
Chairman and Managing Director Director
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October 21, 2018